Bitcoin has been surging and hitting new all-time highs. Indeed, there are still vast prospects of the price rising to higher highs. This assertion was made by the blockchain analyst Willy Woo. The crypto expert states that there is proof that the bullish trend that started last year will continue, and the rally would last for at least three years. He made this submission in today’s podcast tagged “What Bitcoin Did.” Woo said it would be surprising to see anybody sell Bitcoin now. The rule that says you should buy the dip is more applicable now than ever. He jokingly referred to Rick Asley as the person accustomed to buying the dip, and he won’t “let us down.”
Buy the dip
According to Woo, “Rick Astley” symbolizes a long-term trader who keeps buying Bitcoin without selling it. That is, he is always optimistic that the asset will keep rising in value. Woo advises Bitcoin investors against selling it because the price is at its bottom, getting set to rise high. Woo added that he would be adding to his long positions. To bolster his stance, the analyst referred his followers to the persistent buying positions and continuous bullish bias on Coinbase, the top crypto exchange, and large Bitcoin transfers from the exchange to cold wallets.
He noted that it might not be clear whether the buyers are institutional investors or hedge funds. Still, it is evident that some institutions, which are likely US-based, are buying Bitcoin on the Coinbase exchange. The crypto analyst said that while the recent bull runs were massive, the upcoming one will be more explosive courtesy of new entrants such as MicroStrategy and Tesla to the crypto community. According to Cathie Wood, an asset manager, the Bitcoin market cap of $1 trillion “is just the beginning.”
The final massive bullish run has started
Woo added that we had experienced only a year of a bearish trend, and we have entered a new bullish territory that is expected to last for three years. In his analysis, he explained that as we enter the first phase of the bull run, we’ll reach an “accumulation bottom,” which can run for a minimum of three and a maximum of nine months. After that, we’ll enter another phase that will first “pump up and get participants excited” before subsiding. He continued that the vast bullish market will come after that. 2013 and 2017 were bullish years, but 2021 is massively bullish, and it is the last explosive bullish move which is one year out of the three years.
But he admitted that although the bullish trend will probably happen, which is characterized by exceptionally massive growth, there is a high possibility that the market could crash at any time. Meanwhile, experts have highlighted reasons why there is a high possibility of Bitcoin rising further. One factor is the institutional adoption of digital currency as a store of value and hedge against inflation. Square, MicroStrategy, Tesla, among others, have embraced and promoted the crypto market.
Another reason is Paypal’s acceptance of cryptocurrency and its integration into its platform. The giant payment system announced the launch last year October. It started with Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. With more than 350 million users, Paypal’s adoption of cryptocurrencies, after its earlier criticism, is a significant boost to the crypto market.
